
Motion Equity Partners exits ixetic
Motion Equity Partners (formerly Cognetas) has agreed to sell German car parts manufacturer ixetic to Canadian automotive supplier Magna, a deal reportedly worth €308m.
The transaction is subject to approval by European regulatory authorities and is expected to close in Q4 2012.
Motion Equity Partners acquired ixetic in December 2005 from Schaeffler KG, with debt provided by Dresdner Kleinwort and UniCredit. The deal was valued at €50-100m.
Motion made 2.2x money on the divestment, according to reports.
Company
ixetic Verwaltungs GmbH is a manufacturer of high-performance pumps used in the automotive industry. Headquartered in Bad Homburg, the company operates two plants in Germany, one in Bulgaria and one in China. The company is catering to the premium segment of car manufacturers, with its clients including BMW, Volkswagen, Audi and Daimler.
In 2011, ixetic recorded sales of €300m.
People
Cedric Rays, partner, led the exit for Motion Equity Partners. Georg Wolf is CEO of ixetic.
Advisers
Vendor - Rothschild (Corporate finance).
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